Windermere Real Estate/Central Inc
Listing Image


Thursday, November 5, 2009, 2:22pm PST  |  Modified: Thursday, November 5, 2009, 3:44pm

 

Pending home sales jump in King County

 

Puget Sound Business Journal (Seattle) - by Kirsten Grind Staff Writer

    Pending sales of single-family homes and condominiums in King County jumped more than 70 percent in October compared with last year as buyers raced to purchase homes before losing a federal tax credit.

While the $8,000 credit for first-time home buyers is now likely to be extended, the Northwest Multiple Listing Service attributed the credit’s projected end as a chief reason for the bump in sales, the service said in a monthly report released today.

Pending sales in King County jumped to about 2,950 in October from 1,720 at the same time in 2008.

The number of homes on the market, meanwhile, dropped by about 16 percent from October 2008 in King County, and the median price of a single-family home was down almost 4 percent to $377,500.

Every county across Washington, with the exception of Okanogan, saw pending sales jump during October. Most counties, including King County, also saw a rise in closed sales.